Mr. Todd Durkee reports

CGX ENERGY FILES FIRST QUARTER FINANCIAL STATEMENTS

CGX Energy Inc. has released its unaudited consolidated financial statements for the first quarter of 2025, together with its management discussion and analysis. The financial disclosures will be posted on the company's website and on SEDAR+. All values in the financial disclosures are in U.S. dollars unless otherwise stated.

Guyana exploration

On March 13, 2025, CGX and Frontera Energy Corp. announced the receipt of a communication from the government of Guyana indicating that, on the one hand, the government was of the view that the petroleum prospecting licence (PPL) and petroleum agreement are at an end but, on the other hand, that the government was terminating the petroleum agreement and cancelling the PPL.

In addition, on March 26, 2025, Frontera and its subsidiaries, Frontera Petroleum International Holding BV and Frontera Energy Guyana Holding Ltd., sent a notice of intent to the government of Guyana, by which the investors alleged breaches of the United Kingdom/Guyana bilateral investment treaty (BIT) and the Guyana Investment Act by the government of Guyana. The notice of intent initiated a three-month period for consultations and negotiations between the parties to resolve the dispute amicably.

The joint venture remains firmly of the view that its interest in and the PPL for the Corentyne block remain in place and in good standing and continues to invite the government to amicably resolve the issues affecting the joint venture's investments in the Corentyne block. Should the parties not reach a mutually agreeable solution, the joint venture and its other stakeholders are prepared to assert their legal rights.

The joint venture looks forward to expeditiously resolving this matter and continuing its multiyear efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block.

About CGX Energy Inc.

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname basin and the development of a deepwater port in Berbice, Guyana.

We seek Safe Harbor.